NEOUSD Medium-term Trend: Bullish
Supply zones: $100.00, $110.00, $120.00
Demand zones: $50.00, $40.00, $30.00
The bulls’ takeover over Neo in the medium-term continues. The bulls’ pressure pushed Neo to $94.73, after crushing the $85.00 and $90.00 supply zones in a grand style. This was the highest in April and a retest of the same high reached on March 10th. With a daily open of $90.84 above the three moving averages crossover, and higher than yesterday’s open of $77.22, Neo is most likely to experience more bullish pressure. The bears’ impact from the $94.73 supply area should be seen as a minor pullback for an upward trend continuation. The exponential moving average 50 is seen as a strong support in the $80.00 demand area. This will likely reject the downward price move.
NEOUSD Short-term Trend: Bullish
Neo’s short-term outlook is bullish. The week opened on a bullish note, with the price pushed to $94.73 twice by the buyers. This resulted in the formation of a nice double top. This formation set the bears in as they pushed the price down to the $80.00 demand area. The Stochastic Oscillator is in the oversold region with its signal pointing up, indicating a strong upward momentum is much likely. A retest of the $94.00 supply area is coming as more bullish candles are formed and closed above the three exponential moving averages crossovers.
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